By Sidney Kess
The CPA Journal
On December 20, 2017, Congress passed the Tax Cuts and Jobs Act (H.R. 1) designed to cut taxes on individuals and businesses, stimulate the economy, and create jobs. The tax cuts are projected to cost the government nearly $1.5 trillion, but the long-term impact on the deficit is unclear. The measure adds to the deficit in the short term but could reduce it in the long term if predictions of economic growth come true. This article summarizes the key provisions affecting individuals. The provisions for individuals – which apply starting in 2018 unless otherwise – are temporary and will expire after 2025 unless Congress takes further action.
Published with permission from The CPA Journal.
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